SIB Education Loan Schemes – South Indian Bank Education Loan: Study Abroad, Eligibility,Benefits, Interest Rates, EMI Calculator, Apply Online provides Education Loans for students looking to pursue higher education in India or abroad, at attractive interest rates.

what is SIB Education Loan Schemes ?

One of South India’s first banks, “South Indian Bank,” was established during the Swadeshi movement. Numerous students each year benefit from SIB student loans to enrol in prestigious universities and colleges in India and abroad. This page contains all the information you require if you’re thinking about applying for a South Indian Bank Education Loan to fund your higher education.

By offering education loans to deserving and meritorious Indian students who want to pursue higher education in India or abroad, SIB is committed to helping students realise their ambitions of attending college. To meet the diverse needs of students, a tailored South Indian Bank education loan option has been created. Its SIB Global Education Scheme is well-liked by students who want to pursue studies abroad.

Eligibility for SIB Education Loan Schemes

The eligibility criteria for a South Indian Bank Education Loan may vary based on factors such as the course, institution, loan amount, and the applicant’s profile. However, here are the general eligibility requirements for a South Indian Bank Education Loan:

Citizenship:

The applicant must be an Indian citizen.

Age:

The applicant should be within the age limit specified by the bank. Typically, the minimum age requirement is 18 years, and the maximum age may vary depending on the course and loan repayment tenure.

Course and Institution:

The education loan is available for full-time courses at recognized universities, colleges, institutes, or professional courses approved by appropriate regulatory bodies in India or abroad.

Academic Qualifications:

The applicant should have a good academic record, meeting the minimum educational qualification required for the course.

Co-Applicant/Security:

The bank may require a co-applicant or collateral/security for higher loan amounts. The co-applicant is typically a parent or guardian, and the collateral/security can be in the form of a property, fixed deposit, or any other acceptable asset.

Financial Stability:

The applicant and co-applicant should have a stable source of income or a proven repayment capacity to ensure timely repayment of the loan.

It’s important to note that these eligibility criteria are indicative and can vary based on South Indian Bank’s policies and terms. It is advisable to directly contact South Indian Bank or visit their official website to get accurate and up-to-date information regarding the eligibility requirements for an education loan.

Features and Benefits SIB Education Loan Schemes

The South Indian Bank Education Loan offers several features and benefits to support students in pursuing higher education in India or abroad. While the specific details may vary, here are some common features and benefits of the South Indian Bank Education Loan:

Loan Coverage:

The education loan covers various expenses, including tuition fees, examination fees, hostel fees, cost of books and study materials, travel expenses, and other related expenses required for the course.

Loan Amount:

South Indian Bank provides education loans with varying loan amounts, depending on the course, institution, and the applicant’s eligibility. The loan amount can range from a few lakhs to several lakhs or more, enabling students to fund their education expenses.

Flexible Repayment Tenure:

The bank offers flexible repayment options, allowing borrowers to repay the loan in equated monthly installments (EMIs) over a suitable tenure. The repayment tenure can extend up to several years, providing borrowers with ample time to repay the loan comfortably.

Competitive Interest Rates:

South Indian Bank offers education loans at competitive interest rates, helping to keep the cost of borrowing affordable for students and their families. The interest rates may vary based on factors such as the loan amount, repayment tenure, and the applicant’s creditworthiness.

Moratorium Period:

The bank typically provides a moratorium period, also known as the repayment holiday, during which the borrower is not required to make any EMI payments. This period usually covers the course duration plus an additional few months, allowing students to focus on their studies before starting the loan repayment.

No Prepayment Penalty:

South Indian Bank may not charge any prepayment penalty if the borrower decides to repay the loan before the completion of the designated repayment tenure. This feature enables borrowers to save on interest costs by making early repayments.

Streamlined Application Process:

The bank aims to provide a hassle-free application process for education loans, with a simplified documentation process and quick approval and disbursal of funds.

Tax Benefits:

Borrowers may be eligible for tax benefits under Section 80E of the Income Tax Act for the interest paid on the education loan. However, it is advisable to consult a tax advisor or refer to the latest tax regulations to understand the specific tax benefits applicable.

Documents Required SIB Education Loan Schemes

The documentation requirements for a South Indian Bank Education Loan may vary based on factors such as the loan amount, course, institution, and the applicant’s profile. However, here is a list of common documents that are typically required when applying for a South Indian Bank Education Loan:

1. Application Form: A duly filled and signed application form provided by South Indian Bank.
2. Identity Proof: Any one of the following documents can be submitted as identity proof:
   • Passport
   • Aadhaar Card
   • Voter ID Card
   • PAN Card
   • Driving License
3. Address Proof: Any one of the following documents can be submitted as address proof:
   • Passport
   • Aadhaar Card
   • Voter ID Card
   • Utility bills (electricity bill, water bill, etc.)
   • Bank account statement
4. Admission Letter: A copy of the admission letter or offer letter issued by the educational institution where the applicant has secured admission.
5. Educational Documents: Academic certificates and mark sheets of the qualifying examinations, such as 10th standard, 12th standard, and bachelor’s degree (if applicable).
6. Course Fee Structure: A document providing the fee structure of the course or educational program from the institution, indicating the tuition fees and other expenses.
7. Income Proof: The income proof of the borrower and co-borrower (if applicable), such as salary slips, income tax returns, bank statements, or any other document that can demonstrate the repayment capacity.
8. Bank Statements: Bank statements for the past 6 months, reflecting the income, savings, and transaction history.
9. Collateral/Security Documents (if applicable): In case the loan amount requires collateral or security, documents related to the collateral or security need to be provided. This can include property documents, fixed deposit receipts, or any other acceptable assets.
10. Photographs: Recent passport-size photographs of the applicant and co-applicant.

Compare Features of South Indian Bank Education Loan

1. SIB Vitjnan Pradhan Scheme

• Interest rate: 10.35% p.a. to 11.90% p.a.
• Processing fees: None
• Collateral: None for loans up to Rs.4 lakh
• Loan Tenure: 15 years with moratorium of one year
• Eligibility: Indian nationals or Non-Resident Indians (NRIs) with Indian passports for admission into undergraduate, postgraduate, and diploma courses in India or abroad

2. SIB Excellence

• Interest rate: 9.95% p.a. to 10.55% p.a.
• Processing fees: None
• Collateral: None
• Loan Tenure: 15 years after moratorium period
• Eligibility: Indian nationals or NRIs with Indian passports who are meritorious students getting admission into premier professional colleges in India

3. SIB Edusum

• Interest Rate: 16.10% p.a. to 16.85% p.a.
• Processing fees: None
• Collateral: None for loans up to Rs.1 lakh
• Loan Tenure: 15 years after moratorium period
• Eligibility: Indian nationals or Non-Resident Indians (NRIs) with Indian passports for admission into undergraduate, postgraduate, and diploma courses inside or outside Kerala under management quota through entrance exams or through merit

4. SIB Global Education

• Interest Rate: 12.30% p.a. to 13.05% p.a.
• Processing Fees: 1% of loan amount
• Collateral: 100% collateral covering loan and funded interest amount
• Loan Tenure: Up to 15 years
• Eligibility: Indian nationals or Non-Resident Indians (NRIs) with Indian passports for admission into undergraduate, postgraduate, diploma, and PhD. courses which are full-time as well as skill-development courses with duration exceeding one year

5. SIB Skill Loan

• Interest Rate: Contact the bank
• Processing fee: None
• Collateral: None
• Loan Tenure: 7 years after moratorium period
• Eligibility: Indian nationals for polytechnic, ITI, and vocational courses

What IS Interest Rate of South Indian Bank Education Loan?

Vitjnan Pradhan Scheme Loan amount up to Rs.4 Lakhs	Base rate + 5.80%
Vitjnan Pradhan Scheme Loan amount more than Rs.4 Lakhs	Base rate + 6.30%
SIB-Excellence up to Rs.10 Lakhs	Base rate + 1.10%
SIB-Excellence above Rs.10 Lakhs	Base rate + 2.10%

How to Apply for South Indian Bank Education Loan

To apply for a South Indian Bank Education Loan, you can choose either the offline or online application method. Here’s a general overview of both options:

Offline Application:

1. Visit the nearest branch: Locate the nearest South Indian Bank branch that offers education loans.
2. Collect application form: Request an application form for the education loan from the bank officials or download it from the bank’s website, if available.
3. Fill the form: Fill in the required details accurately and ensure that you provide all the necessary information.
4. Attach documents: Gather all the required documents, as specified by the bank, and attach them to the application form.
5. Submit the application: Submit the duly filled application form along with the necessary documents to the bank officials at the branch.
6. Verification and processing: The bank will verify your application and documents. If everything is in order, the loan application will proceed for further processing and evaluation.
7. Loan approval and disbursal: Upon approval, the bank will inform you about the loan approval and disbursal process, including any additional documentation required.

Online Application:

1. Visit the official website: Go to the official website of South Indian Bank.
2. Locate the loan section: Look for the education loan section or search for the specific loan product you are interested in.
3. Fill the online application: Fill in the required details accurately in the online application form. Provide all the necessary information as requested.
4. Upload documents: Scan or take clear photos of the required documents and upload them as per the instructions provided on the website.
5. Review and submit: Double-check all the information provided in the application form and ensure that the uploaded documents are clear and legible. Submit the application online.
6. Follow-up: After submitting the application, the bank may contact you for any additional information or documentation required for verification.
7. Loan approval and disbursal: If the loan application is approved, the bank will inform you about the approval process and the subsequent steps for loan disbursal.

It’s important to note that the application process may vary based on the bank’s specific requirements and procedures. It’s advisable to directly contact South Indian Bank or visit their official website for the most accurate and up-to-date information on how to apply for an education loan with them.

FAQ – South Indian Bank Education Loan